The following ratings changes were generated on Thursday, Nov. 13.

We've downgraded

Apple

(AAPL) - Get Report

from buy to hold. Strengths include its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. Weaknesses include a generally disappointing performance in the stock itself, premium valuation and disappointing return on equity.

Revenue rose by 27% since the same quarter one year ago, outpacing the industry average growth rate of 18.6% and boosting earnings per share. Apple has no debt to speak of and a quick ratio of 2.07, which demonstrates the ability of the company to cover short-term liquidity needs. Shares have plunged 41.39% on the year, apparently dragged down in part by the decline in the

S&P 500

. Don't assume, however, that the stock can now be tagged as cheap and attractive. Based on its current price in relation to its earnings, Apple is still more expensive than most of the other companies in its industry.

We've downgraded

Estee Lauder

(EL) - Get Report

from buy to hold. Strengths include its revenue growth, expanding profit margins and largely solid financial position with reasonable debt levels by most measures. Weaknesses include weak operating cash flow and disappointing return on equity.

Revenue rose by 11.3% since the same quarter a year ago, underperforming the industry average growth rate of 16.6% but boosting EPS. At 76.8%, Estee Lauder's gross profit margin is very high, having increased from the same quarter last year. Its net profit margin of 2.7%, however, trails the industry average.

The debt-to-equity ratio of 0.83 is somewhat low and is less than that of the industry average, implying a relatively successful effort in the management of debt levels. However, the quick ratio of 0.82 is somewhat weak and could be cause for future problems. Return on equity has decreased from the same quarter one year prior, a clear sign of weakness within the company, underperforming the industry average but outperforming the S&P 500. Net operating cash flow has decreased to -$196.20 million, or 47.74% when compared with the same quarter last year. In addition, the firm's growth rate is much lower than the industry average.

We've downgraded

Genworth Financial

(GNW) - Get Report

from hold to sell, driven by its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.

Genworth has experienced a steep decline in earnings per share of 178.94% in the most recent quarter compared with the same quarter a year ago, and EPS have also declined over the last year, a trend we anticipate to continue in the coming year. During the past fiscal year, Genworth reported lower earnings of $2.58 vs. $2.73 in the prior year. For the next year, the market is expecting a contraction of 20.9% in earnings to $2.04 versus $2.58. Net income is down 176.1% over the same quarter last year, to -$258 million, significantly underperforming the S&P 500 and the insurance industry. Return on equity has also decreased, trailing both the industry average and the S&P 500, a signal of major weakness within the company.

Net operating cash flow has decreased to $1,073.00 million, or 12.47% when compared with the same quarter last year, but Genworth is still fairing well by exceeding its industry average cash flow growth rate of -41.62%. Shares are down 96.1% on the year, underperforming the S&P 500. Naturally, the overall market trend is bound to be a significant factor, and in one sense, the stock's sharp decline last year is a positive for future investors, making it cheaper (in proportion to its earnings over the past year) than most other stocks in its industry. But due to other concerns, we feel the stock is still not a good buy right now.

We've downgraded

Hologic

(HOLX) - Get Report

from hold to sell, driven by its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

Net income has significantly decreased by 549.6% since the same quarter a year ago, to -$144.37 million, underperforming both the S&P 500 and the health care equipment and supplies industry. Return on equity has greatly decreased as well, a signal of major weakness within the corporation. Hologic's return on equity significantly trails that of both the industry average and the S&P 500. It has experienced a steep decline of 293.1% in earnings per share in the most recent quarter in comparison with its performance from the same quarter a year ago. The company has reported a trend of declining earnings per share over the past two years, but the consensus estimate suggests that this trend should reverse in the coming year. During the past fiscal year, Hologic swung to a loss, reporting -$1.76 vs. 87 cents in the prior year. This year, the market expects an mprovement in earnings to $1.23. Its debt-to-equity ratio of 0.47 is low, but it is higher than that of the industry average. The company's quick ratio of 1.25 is sturdy.

Shares are down 57.44% on the year, underperforming the S&P 500. The fact that the stock has come down in price over the past year should not necessarily be interpreted as a negative; it could be one of the factors that may help make the stock attractive down the road. Right now, however, we believe that it is too soon to buy.

We've downgraded

Toll Brothers

(TOL) - Get Report

from hold to sell, driven by its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, poor profit margins and decline in the stock price during the past year.

Toll Brothers has experienced a steep decline in earnings per share in the most recent quarter compared with its performance from the same quarter a year ago. Earnings per share have declined over the last two years, and we anticipate that this should continue in the coming year. During the past fiscal year, Toll reported lower earnings of 19 cents vs. $4.18 in the prior year. For the next year, the market is expecting a contraction of 1026.3% in earnings to -$1.76. Net income is down 210.6% compared with the same quarter last year, to -$29.3 million, significantly underperforming the S&P 500 and the household durables industry.

Return on equity has also greatly decreased, a signal of major weakness within the corporation. Toll's return on equity significantly trails that of both the industry average and the S&P 500. It's gross profit margin of 10.4% is extremely low, having decreased from the same quarter last year, and its net profit margin of 3.6% trails the industry average. Shares are down 14.5% on the year, which we believe reflects several factors, including the market's overall decline (which was actually deeper), the sharp decline in the company's earnings per share. The fact that the stock is now selling for less than others in its industry in relation to its current earnings is not reason enough to justify a buy rating at this time.

Other ratings changes include

Biogen Idec

(BIIB) - Get Report

, downgraded from buy to hold, and

GameStop

(GME) - Get Report

, also downgraded from buy to hold.

All ratings changes generated on Nov. 13 are listed below.

Ticker

Company

Current

Change

Previous

AAPL

Apple

HOLD

Downgrade

BUY

AGM.A

Federal Agriculture

SELL

Downgrade

HOLD

AGU

Agrium

HOLD

Downgrade

BUY

AIP

Hadera paper

HOLD

Downgrade

BUY

BCO

Brinks

HOLD

Downgrade

BUY

BIIB

Biogen Idec

HOLD

Downgrade

BUY

BNE

Bowne

SELL

Downgrade

HOLD

BRC

Brady

HOLD

Downgrade

BUY

BUD

Anhueser-Busch

HOLD

Downgrade

BUY

CSFL

Centerstate Banks

HOLD

Downgrade

BUY

CSL

Carlisle

SELL

Downgrade

HOLD

CXO

Concho Resources

SELL

Downgrade

HOLD

EL

Estee Lauder

HOLD

Downgrade

BUY

FLS

FlowerServe

HOLD

Downgrade

BUY

FRT

Federal Realty

HOLD

Downgrade

BUY

GME

GameStop

HOLD

Downgrade

BUY

GNW

Genworth Financial

SELL

Downgrade

HOLD

GSVI

GSV

HOLD

Upgrade

SELL

HOLX

Hologic

SELL

Downgrade

HOLD

IEP

Icahn Enterprises

SELL

Downgrade

HOLD

INTX

Intersections

HOLD

Downgrade

BUY

LCRY

Lecroy

SELL

Downgrade

HOLD

MELI

Mercadolibre

SELL

Initiated

MTSC

MTS Systems

HOLD

Downgrade

BUY

NATH

Nathan's Famous

HOLD

Downgrade

BUY

OPLK

Oplink Communications

SELL

Downgrade

HOLD

SNA

Snap-On

HOLD

Downgrade

BUY

SVR

Syniverse

HOLD

Downgrade

BUY

TOL

Toll Brothers

SELL

Downgrade

HOLD

TRMB

Trimble Navigation

HOLD

Downgrade

BUY

TSU

TIM Participacoes

SELL

Downgrade

HOLD

VM

Virgin Mobile

SELL

Initiated

WAT

Waters

HOLD

Downgrade

BUY

XNPT

Xenoport

SELL

Downgrade

HOLD

Each business day, TheStreet.com Ratings updates its ratings on the stocks it covers. The proprietary ratings model projects a stock's total return potential over a 12-month period, including both price appreciation and dividends. Buy, hold or sell ratings designate how the Ratings group expects these stocks to perform against a general benchmark of the equities market and interest rates. While the ratings model is quantitative, it uses both subjective and objective elements. For instance, subjective elements include expected equities market returns, future interest rates, implied industry outlook and company earnings forecasts. Objective elements include volatility of past operating revenue, financial strength and company cash flows. However, the rating does not incorporate all of the factors that can alter a stock's performance. For example, it doesn't always factor in recent corporate or industry events that could affect the stock price, nor does it include recent technology developments and competitive dynamics that may affect the company. For those reasons, we believe a rating alone cannot tell the whole story, and that it should be part of an investor's overall research.

This article was written by a staff member of TheStreet.com Ratings.